The equilibrium price refers to the cost of goods and services for the consumer where the forces of market supply are equal to the forces of market demand.
A price refers to the money that needs to be paid for acquiring a particular good, product, or service.
When the supply of goods and services is equal to the demand of goods and services, it is known as an equilibrium price.
The market is in a state of equilibrium when the forces of supply and demand are equal.
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